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Tag Archives: tax

Gifting Tax-Free in 2023

Since last month, the annual tax gift amount you can exclude has increased to $17,000 for this upcoming tax season. This means that $17,000 is the total you can gift to anyone throughout the year without facing any tax implications. … Continue reading

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Most Common Mistakes Taxpayers Make on Their Taxes

Tax season can be an extremely stressful time for accountants and taxpayers alike. Doing your taxes can be an extremely complicated process without the right help, and people are bound to make mistakes from time to time when dealing with … Continue reading

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Gov. Hochul Announces $227B Budget for FY 2024

On Wednesday, NY governor Kathy Hochul announced the budget for the fiscal year 2024 that she will be submitting to the legislature. The budget totals $227 billion and raises a payroll tax paid by businesses in the lower part of … Continue reading

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Ford Shadows Tesla in Cutting EV Prices

On Monday, Ford Motors announced it was cutting prices on its top-selling battery-powered vehicle, the Mustang Mach-E. They also said they will be increasing the production of the sport-utility vehicle. This is just one of the few signs of ever-intensifying … Continue reading

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NY Proposes Bill to Ban James Dolan From Using Facial Technology to Kick People Out of Events

James Dolan is the CEO of Madison Square Garden Entertainment and is also the owner of the New York Knicks and New York Rangers. Last week, state lawmakers representing Manhattan introduced a bill to ban James Dolan from using facial … Continue reading

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Avoiding Scams During the 2023 Tax Season

As the 2023 tax season is in full effect, that also means it is the prime hunting season for tax scammers, according to the Internal Revenue Service. Being able to keep an eye out for potential scams while filing … Continue reading

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Consumer Spending Falls Again in December

For the second straight month, consumer spending dropped in December as consumers still continue to feel the effects of the rapid inflation we say throughout 2022. As incomes continued to rise, which reflected a strong job market, instead of continuing … Continue reading

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State Senators to Reintroduce Restaurant Revitalization Tax Credit

Sens. Ben Cardin (D-Md. ), Sherrod Brown (D-Ohio) and Patty Murray (D-Wash.) are reintroducing the Restaurant Revitalization Tax Credit Act to the new 118th Congress. The legislation would create a special tax credit for those who applied for and were … Continue reading

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NY Senator Calls for Gas Tax Suspension to Continue in 2023

Back in June of 2022, amid the gas price surge, Governor Hochul announced the suspension of the state’s gas tax for the rest of the 2022 year. The suspension relieved a ton of stress on drivers throughout the state providing … Continue reading

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Top 3 Tax Fraudsters of 2022

As the 2022 tax season is behind us and a new one is already beginning, the IRS has released a yearly report listing the top tax offenders of 2022. This list consists of the usual schemes that are seen by … Continue reading

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